The Clean Energy Council, Australia’s peak body for clean energy and energy efficiency, confirmed that energy efficiency and renewable energy targets are the key to keeping costs down in Australia’s transition to a low carbon economy; inline with findings released by the Climate Institute today.

An independent study commissioned by the Climate Institute found that $40 billion in savings will become available when these essential complementary measures are included in the policy framework alongside emissions trading.

Rob Jackson, GM Policy said: “Increasing our energy efficiency and renewable energy generation will not only save the economy $40 billion, but they will also ensure at least $20 billion worth of new investment and over 50,000 jobs by 2020, primarily in regional Australia.”

“The Council has long advocated that emissions trading alone will not be enough to stimulate investment and activity in these crucial areas,” he said.

“Only a broad approach including emissions trading, targets for renewable energy and efficiency operating alongside significant R&D funding, will deliver large-scale growth and stability for Australia’s low carbon economy,” he concluded.

Complementary policies that embed energy efficiency and increase renewable energy generation have been shown internationally to lower retail energy prices; the Climate Institute study found a comparable reduction would occur in Australia.

The Council will be releasing independent modelling on the impact of emissions trading on the retail electricity price shortly.

Climate change policies are due for discussion at the upcoming Council of Australian Governments meeting in Perth on 2nd October 2008. The expanded Renewable Energy Target and nationally consistent feed-in tariff for small scale renewable energy are both on the agenda.